Advanced Features to Evolve Peer-to-Peer Renting Marketplace

Advanced Features to Evolve Peer-to-Peer Renting Marketplace

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If you think those household items that you rarely use are of no value, then, think again. You can add value to these barely used items by renting them out. With changing market dynamics, every item these days has a value. The business model of peer-to-peer renting platforms for individuals and businesses have made it possible to extract money out of rarely used items. Platforms like RentTycoons, Rentmyitems, Rentythingm, and Zilok provide huge benefits for both owners as well as renters. While owners get economic benefits, a renter gets to use those items without buying them.

Within a short span, this business model has generated huge popularity which is why FATbit analysts did an in-depth analysis of its workability, and key website functionality. This will help entrepreneurs start renting marketplace clone and also undertake upgrades in their rental portal.

Business Model of Renting Marketplaces

The business model of an online renting marketplace facilitates around peer-to-peer renting. The web portal enables you to do the following:

  • Make money by putting your items/services up for rent.
  • Save money by searching and renting items/services that you need.
  • Submit a request for desired items/services that are not yet available on the portal.

Renting not only generates economic benefits for owners and renters; it is also a sustainable way of diminishing reckless purchase. Instead of buying, renting relieves the burden of ownership and the need to carve out a space to store the item, especially for items that are rarely used.

p2p renting marketplace business model

How do such websites generate revenue

Listing an item or service is free. The Owner is charged a commission fee, which the platform deducts from the total Rental Charges, upon making a successful transaction.

Revenue Model of P2P Renting Marketplace

How does the transaction take place?

Once the status of an item is “Reserved”, the platform generates a unique security code to a Renter. Renter gives the security code to an Owner in exchange for the Owner’s item. The security code is used by the two parties to authenticate the transaction. The Owner claims his rental income by validating the security code on the website.

Website Overview

There have been many peer-to-peer marketplaces catering to niche sector but online renting marketplaces have given a new name to peer-to-peer interactions. The idea is unique and has captured the interest of users which is evident from the massive unique monthly visitors of such websites. Let’s take a closer look at all the website features that can help any website become a big name among peer-to-peer marketplaces.

1. Homepage

You have the option to either go the traditional route when it comes to the design of its homepage, or a more modern look via huge banners and sliders. But it is vital that you keep everything to the minimal, focusing mainly on the website functionality.

As soon as the user lands on the homepage, an intuitive banner should greet them that highlights what the website is all about. In addition to it, the top fold can house important links like how it works, categories and login/signup. A search bar should also be present above the banner image.

2. Recently Rented

The second fold of the homepage can showcase a dedicated section of recently rented items. This is an ingenious move as it provides additional leverage to the website. Many ecommerce websites have started to infuse this particular strategy into their homepage. FATbit analysts recommend this approach while developing an online renting clone website.

3. Featured Products

There should also be a dedicated section right on the homepage which showcases all the featured products listed on the website in a paginated form. This can also be a paid option for members to increase the visibility of their items. the information would include:

  • Product Images
  • Product name
  • Category of the item
  • Price per day

4. Footer

Like most of the ecommerce websites, the footer should be kept to the minimal. It should just house the content pages along with certified payments gateways.

How it works

It is vital to understand that e-commerce is fairly a new concept for many internet users. This is why it is always recommended to have a How It Works section on your website so that the novice users can get accustomed to the functionality of the website. There should also be a link to the FAQ section for users with additional queries.

Feedback

A platform that takes feedback from its users surely can garner huge popularity as far as user engagement is concerned. this is why you must also have an out-and-out feedback form, which makes it easy for users to send in suggestions as well as queries.

Login/Register

One of the key reasons behind the success of any e-commerce website is enticing users into creating an account. It has been seen time and again that most platforms fail to convert visitors into a registered users. One reason behind this is cumbersome login/signup process.

Email Confirmation

In order to keep spam accounts at bay, your website can use email confirmation. This is important to check system abuse as well.

Invitation/Referrals

The success of every peer-to-peer marketplace depends upon a connected user base. This is why you should give users the power to invite friends via email. There can also be an option to share profiles via Facebook and Twitter. In addition to Invitation feature, you can also put a promotional campaign in place through which users get benefits for referring the platform to others. This type of campaign is used widely by ecommerce platforms in order to expand their user base. Consider to use the same for your online renting marketplace clone.

Dashboard

This section houses all the vital information related to platform as well as user account. It showcases:

  • Top 10 rented items based on transaction amount and number of transactions.
  • Top 10 renters
  • Top 10 owners
  • My income
  • Reviews by renters
  • My Rating
  • Statistics of each item

Review System

A vital aspect of your website that would give you an edge of the rest can be the review system. Under this section, owners can review renters and vice versa. In addition to it, the renter can also review items that makes decision-making easy for other users. Studies have shown that most first time users tend to make purchase online after going through the reviews.

Income

This section houses all the details related to owner income. Owners can also claim their rental income via this section. It is vital to understand that platforms working of such a business model do not forward all the income directly to the bank account of the owner. Instead, the users have to claim the income after successful rent transaction of each item.

Search Results

With thousands of products listed online, search is the only possible way of item discovery (of course other than category browsing). This is the reason why it has to be placed at a prominent location on the homepage. Users should have two search options; from available items or requested items. A long with autocomplete feature your website should also incorporate following options in search:

  • Search via keyword or postal code
  • Availability
  • Category

Users can also sort the listing based on highest and lowest price. All the items should be visible in a grid-like structure that shows name, category, image, and rent per day of the item.

Item Page

The item page on the website should be designed in such a way that it provides all the information related to the product on a single page. From item description to renting option and contact owner, you should emphasize on every critical renting detail. The information available on this webpage can include:

  • Renting Details
  • Description
  • Pickup and return instructions
  • Item Reviews
  • Message Owner
  • Recommended items

1. Request an Item

Your platform should not only allow users to search through the available items but also empower them to request items which are not listed on the website. This gives additional leverage to the platform to become a one-stop gateway for renting items. FATbit analysts recommend a similar approach while creating a renting marketplace clone.

p2p rental platform booking process flow

2. Post New Item

There are numerous peer-to-peer e-commerce marketplaces where users can post items to sell. One of the biggest hurdles in front of these marketplaces is to keep the “item posting” form as minimal as possible without compromising product details. When it comes to your “post new item” form, it ought to walk a fine line between minimal yet descriptive form. The basic information required by the form should include:

  • Category
  • Item name
  • Full description
  • Tags
  • Delivery/pickup
  • Security Deposit
  • Price per day/week/month
  • Upload image

p2p rental platform listing items process flow

It should not take more than 3 minutes to add a new listing, which is ideal from a user’s perspective.

3. Manage Items

The main aim of your website is to allow people to rent out items that they barely use. To make it easy for the user to manage inventory, you should offer an efficient tool. Users can easily delist any item, view item page, make changes to the item page, and even delete the item from the inventory. Such unique features must be part of your online renting marketplace script if you want to succeed.

Final Word

Business Model Canvas- P2P renting marketplace

The idea of renting less-used items is highly unique and there is huge growth potential in it. Because such marketplaces can be active in different geographical regions without becoming direct competitors, it is suitable for entrepreneurs who can come up with advanced features. If you want to start an online renting marketplace clone, be sure to find a script that has all the above-mentioned features along with improvements suggested by FATbit analysts. In case you have something unique in mind, then, our team of designers and developers would be glad to help you.

Discuss With FATbit About Converting the Idea of Online P2P Rental Portal Into a Profitable Business Start conversation

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